PARSIPPANY, N.J.--(BUSINESS WIRE)--Wireless Telecom Group, Inc. (NYSEAmex: WTT) (the "Company") The Board of Directors is pleased to announce that effective November 12, 2009, the Board has elected Paul Genova, the Corporation's President, CFO and Acting CEO, to serve as its CEO. Mr. Savio Tung the Chairman of the Board of the Corporation stated, "We are pleased to appoint Paul, a skilled, seasoned executive whose performance with the Corporation demonstrates his ability to succeed in this leadership role."
The Company also announced today its results for the third quarter and nine months ended September 30, 2009.
For the quarter ended September 30, 2009, the Company reported net sales of $13,124,000, compared to $13,609,000 for the same period in 2008. For the third quarter of 2009, the Company reported net income of $163,000, or $0.01 per diluted share, compared to a net (loss) of $(510,000), or $(0.02) per diluted share, for the third quarter of 2008.
For the nine months ended September 30, 2009, the Company reported net sales of $35,989,000, compared to $39,605,000 for the same period in 2008. The Company also reported a net (loss) of $(200,000), or $(0.01) per diluted share, for the first nine months of 2009, compared to a net (loss) of $(2,029,000), or $(0.08) per diluted share, for the same period of 2008.
Mr. Genova stated, "I am encouraged by our progress in the third quarter while significant economic and market challenges remain. We will continue to focus on maintaining a strong balance sheet and positive cash flows. We remain committed to continued progress through enhanced operational effectiveness and revenue growth with increased profitability in order to provide value to our shareholders."